Day Trading & Forex Forum

BeM

Hi folks,
Here we are, before the market open, Monday Dec 9. The market has been going down for quite a while, from 954 at the peak, just before the disappointing ISM, not only less than expected but also below 50 indicating shrinking and not expanding, which sparked the sell-off for the short-term bubble
However we are still seeing resistance at about 900 and 910. It went just below 900 on Friday but jumped back quite sharply. Today we also have the bankruptcy of UAL or sure.
I believe we have to concentrate upon the break of this resistance point, which could take some while, depending on the bullishness of the market, and after that there must be some pretty nice points to gain between 900 and 870. But breaking 860 and 880 I believe is pretty difficult and it could jump up then, but if it doesn't then we are going towards a pretty nice "short"
Have any comment?

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Ben

Bill G

Just looking at the MAs the 12ma is above the 26ma and they are both above the 50ma which has a slight rise. I think ths S&P is biassed to go up ,keeping to trend.
Bill

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Bill G